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Shreya Gupta
Asked a question 3 years ago

What are the basic requirements for starting a business?

Where am I?

In StartupTalky you can ask and answer questions and share your experience with others!

One basic thing is to face the Competition !

You need Capital , Passion driven Team , Long term and Short Term Goals ., These are basic but depending on your type of business ... additional requirements may be needed.

Puru BhatnagarTop Contributor
Business Analyst, Entrepreneur, Business developer, Marketer

I would like to make this answer crystal clear

all you need to start a business is an idea, and our belief in it that it can succeed, but that doesn't mean you just blindly doing all the stuff.

Generally, most of the people think starting a business is the easiest thing, just put a desk and start selling your product(in earlier days) or just make an app or build a website and start selling your product(a millennial thoughts).

But the real truth is business is not kids game, a proper research and dedication is required to start a business.

Before starting up you have to have a complete knowledge about the product which you are going to sell in the market, and must have answer to questions like:

  • will my product work in the market, if yes then why?
  • what make my product different from its competitor?
  • What is the USP of my product?
  • Is the price that I am taking is sufficient?
  • Target audience, who will be my main audience?
  • what will be my go to market strategy?

When you get answer to these questions then the chances of failure is less, although above questions not cover the many other aspects, but in the initiation phase these are some of the basic questions that you should have answers to.